As per a report distributed by Grand View Research, the pharmaceutical logistics market is growing rapidly due to the increasing demand for a variety of medications driven by chronic and lifestyle-related diseases.
The global pharmaceutical logistics market size is expected to reach USD 138.9 billion by 2028, registering a CAGR of 8.5%. The growth is attributed to the rising demand for medications, the increased need for cold-chain and non-cold-chain logistics, and the impact of COVID-19 across the globe. During the pandemic, governments worldwide focused on preventing and treating patients, further driving the market growth.
The import and export of various COVID-19 treatments have surged, especially between countries like the U.S. and China. Furthermore, national logistics systems are under strain due to the heightened demand from hospitals and healthcare institutions. Regulatory authorities, such as the U.S. FDA, have approved emergency use of COVID-19 vaccines, which has increased global trade in pharmaceuticals.
Pharmaceutical Logistics Market Trends and Insights
Pharmaceutical logistics is a crucial part of the healthcare system, ensuring the safe handling and transportation of sensitive products. The equipment and services required in the pharmaceutical supply chain are highly costly. Collaborations between pharmaceutical companies to expand their reach are a rising trend in the industry.
Technological advancements, including cloud-based supply chain systems and blockchain, offer real-time data visibility and predictive analytics, allowing for improved supply chain optimization and risk management. These innovations also enhance operational efficiency, productivity, and company processes.
The U.S. led the market in 2020, and it is expected to maintain its dominance throughout the forecast period. The Asia Pacific region is projected to witness the highest CAGR due to increasing healthcare spending in emerging economies. Additionally, consumer spending on over-the-counter (OTC) pharmaceutical products is expected to boost market growth in this region.
Pharmaceutical Logistics Market Report Highlights
- Governments worldwide are focusing on ensuring adequate medicinal supplies for patients amid the pandemic, increasing cross-border pharmaceutical trade.
- Companies like Moderna, Serum Institute, and Pfizer have successfully completed COVID-19 vaccine trials, increasing demand for logistics services to distribute these vaccines.
- Cold-chain logistics services are expected to grow rapidly due to the rising adoption of temperature-sensitive drug products worldwide.
- Third-party logistics (3PL) services are gaining traction, providing integrated warehousing and transportation on an outsourced basis.
- Technological advancements in monitoring components such as RFID devices, telematics, and real-time shipment tracking are expected to grow significantly over the forecast period.
- Automation of refrigerated warehouses, using cloud technology, robots, conveyor belts, and energy management, is driving the market forward.
Pharmaceutical Logistics Market Segmentation
By Type (Revenue, USD Billion, 2017 - 2028)
- Cold Chain Logistics
- Non-cold Chain Logistics
By Component (Revenue, USD Billion, 2017 - 2028)
- Warehousing
- Refrigerated Container
- Transportation (Sea Freight, Airfreight, Overland Logistics)
- Monitoring Components (RFID Devices, Telematics, Networking Devices, Software)
Regional Outlook (Revenue, USD Billion, 2017 - 2028)
- North America
- Europe
- Asia Pacific
- South America
- Middle East and Africa (MEA)
Key Players in the Pharmaceutical Logistics Market
- Agility
- Air Canada
- CEVA Logistics
- DB Schenker
- Deutsche Post AG
- FedEx
- LifeConEx
- Marken
- United Parcel Service of America, Inc.
- VersaCold Logistics Services
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